London-based MWA Financial has acquired Hampshire-based Prosperity Financial Advisors & Stockbrokers to bolster its growth plans to become a national IFA firm.
The deal takes MWA’s assets under influence to £300m ($418m, €351m) and its adviser headcount to 15.
Under the terms of the agreement, Prosperity will keep its branding within the MWA group.
Prosperity co-founders Mark Newman and Jasper de Zoeten will remain in their positions until the transition is complete.
The financial terms were not disclosed.
Ambitions
MWA is “planning to acquire a number” of quality advice firms over the next three-to-five years and has secured undisclosed funding from investment manager Triple Point.
The MWA group already owns Eversley Wealth Management, a Hertfordshire-based advice firm offering investment, tax planning, pension, protection, and mortgage services.
The firm has appointed Ed Rosengarten as its executive chairman to help execute its growth strategy.
Rosengarten has been a strategic adviser to the business since 2019.
Before joining MWA, Rosengarten was head of funds at Smith & Williamson and, prior to that, spent 20 years at M&G, the last 10 years as chief executive of the firm’s equity business.
‘Big plans’
Campbell Banks, MWA Financial chief executive, said: “We have big plans for MWA and want to kick on with our growth strategy from here, which will involve targeted acquisitions where we feel a business can add value to the group.
“But our goal is not simply to buy firms, slash costs and strip away the elements that made them successful in the first place.
“Rather, we want to work with them to embrace and enhance their strengths and to offer expertise and counsel, where needed, to help them provide an even better service to their clients.
Matt Holloway, Triple Point head of business development, added: “We are looking forward to working with MWA Financial and the wider management team as they seek to acquire high quality IFA businesses and are excited about the long-term partnership that we can build.”
